Nowadays, there are many programs medical practices are utilising to simplify the way they do business. With a vast selection of options, it can be hard to decipher what the differences are between them all. Two of the most common software programs used include practice management software and medical billing software. Throughout this article, we’ll explain the two and what their key differences are.
What Is Practice Management Software?
Practice management software (PMS) is a software program that has been designed for use in a medical or healthcare setting. The main objective of using it is to automate administrative tasks, access and record comprehensive patient data and streamline appointments, billing and more.
What Is Medical Billing Software?
Like practice management software, medical billing software is also a software program designed for healthcare practices. It has been created to help boost revenue in the practice. This program can help with scheduling, billing, accounts, and financial reporting.
Here Are Some Key Features That Medical Billing Software Offers:
Make Claim Management Easy
Claim management is an integral part of running a healthcare practice, but rather than having to manually organise and submit paperwork, medical billing software takes care of it all for you. It can simplify medications, treatment plans, insurance rebates and patient diagnosis. It takes out the guesswork and can reduce the rate of errors drastically, it can also equal faster returns for patients.
Assist with Accounts and Finances
Another big part of running a successful practice is accurately managing accounts and finances. This can be a time consuming and sometimes laborious task for administrative staff. By implementing medical billing software, you can streamline processes such as accounts receivable and payable, payroll, and timesheets.
Accurately Sort Billing
Medical billing software takes care of all aspects of billing for the health care provider. It can give you on the spot totals owing for the patient, it can flag errors, process correct payments, and follow up on any outstanding accounts by sending reminders.
Here Are Some Key Features That Practice Management Software Offers:
Keeps Data Safe and Secure
Keeping manual hard-copy patient data is a security risk, not only that if your practice falls victim to a fire or weather incident, records can be lost or damaged. Practice management software has sophisticated and encrypted security measures integrated which allow you to dictate who can and can’t obtain confidential information. All data is backed up for added reassurance, and it prevents unauthorised access to credit card information and patient records.
Automate Administrative Tasks
This has to be one of the most popular features for staff working at a medical clinic. Practice management software can automate many everyday tasks that would normally have to be manually processed. Things such as managing records, communication with patients, tracking stock, invoices and taking appointments are just some of the many components practice management can help with. This frees up more time for staff to focus their attention on other important areas of the clinic which can boost the overall efficiency.
Improve Patient Relations and Health Outcomes
At the end of the day, the patients are the heart of a health care practice, without them, you don’t have much of a business. Practice management software has all patient data stored in one convenient location rather than having to gather and sift through paper notes. This means that the health care provider can see what treatments have and haven’t worked for the patient and what steps they should take next. It allows the provider to converse with other health care providers to give their patients a more holistic approach to healthcare, and therefore better health outcomes. The time saved with electronic records can be better spent getting to know your patients and building rapport and trust.
With a reputable practice management software program, you can increase revenue at your practice. It has SMS reminders that are automatically sent to patients in the lead up to their appointment which can cut down on the number of no-shows you have. You can also set up an online booking system which allows people to make appointments when you are closed. They can choose the doctor, the location, the time, and the day. Having this feature available means you can continue to book clients without even being open for business.
So, What’s The Difference Between Medical Billing Software and Practice Management Software?
After reading about medical billing software and practice management software and the features they provide, you may have noticed there are some distinct differences between the two. Medical billing software is more targeted to the finance side of running a medical practice, whereas practice management software aims for a more comprehensive approach to the day-to-day operations of a medical practice. We have only briefly touched on a couple of benefits that the two different software programs have. They offer far more and can greatly increase the efficiency of a business.
Here at Nookal, we have formulated a state-of-the-art practice management software program that can improve the way you do business. If you haven’t already transitioned over to a software program and are interested in giving it a go, we offer a free 30-day trial so you see for yourself how beneficial it can be to your practice. Check out our website for more information on how to get started.